Manama, Kingdom of Bahrain: Seef Properties B.S.C. (trading code: SEEF) (“the Company”), held its Ordinary Annual General Meeting on 21 March 2024 at 1 p.m. in Al Liwan Cinema, to discuss and approve the items on the agenda.

The Company’s financial results and most important achievements over the past year were reviewed during the meeting, which was presided over by Seef Properties Chairman, Mr. Essa Mohamed Najibi, and attended by the Company’s Board Members, its Chief Executive Officer Mr. Ahmed Yusuf, Executive Management members, and representatives from the Ministry of Industry and Commerce, Central Bank of Bahrain, and Bahrain Clear. The meeting reviewed the Company’s financial results and discussed its most significant achievements over the past year.

The Ordinary Annual General Meeting approved the financial results for the year ended 31 December 2023 and the recommendations of the Board of Directors, which included the distribution of cash dividends to the shareholders of 9%, an equivalent of BD 4.14 million (9 fils per share), and the allocation of BD 170,000 in support of charitable and community causes as part of the Company’s Corporate Social Responsibility program.

Seef Properties reported a net profit attributable to the shareholders of BD 6.44 million for the year ended 31 December 2023, compared with BD 6.20 million in the previous year, an increase of 3.95%.  The value of the basic and diluted earnings per share attributable to shareholders of the parent for the financial year ended 31 December 2023 amounted to 14 fils, compared to 13.47 fils in the previous year.  As for operating profit, the Company reported an increase of 17.36% in 2023, reaching BD 13.95 million, compared to BD 11.89 million in the same period of the previous year.

Seef Properties Chairman Mr. Essa Mohamed Najibi stated: “Looking back on the achievements of 2023, we are pleased with the progress made across all areas of our business. As we move into 2024 and beyond, Seef Properties is keen to build upon the momentum, introducing new projects that will further enhance Bahrain’s retail, hospitality, and entertainment sectors. These initiatives will play a crucial role in advancing the Kingdom's growth, while aligning with the objectives outlined in Vision 2030. With a solid foundation and a clear vision, we are ready to embrace new opportunities, drive innovation, and deliver exceptional value to our stakeholders.”

He added: “We remain deeply appreciative of the government’s continuous support and our close partnership with the Ministry of Tourism, which reflects the efficacy of public-private sector collaboration. This not only enhances Bahrain's attractiveness as a destination but also strengthens our position as a key player in the country's economic landscape.”

Seef Properties Chief Executive Officer, Mr. Ahmed Yusuf, said: “Seef Properties' revenue growth, driven largely by rental income but also supported by our flourishing leisure investments, reflects Bahrain's economic revitalization and our collective commitment to its progress. Aligned with the Kingdom's vision for growth, we offer world-class real estate, retail, and entertainment options, enhancing Bahrain's appeal as a destination for both business and leisure. By partnering with new brands and introducing a diverse range of dining, fashion, and retail choices, we aim to enrich the shopping experience, providing citizens, residents, and visitors with an diverse mix of offerings.”

Throughout the year, Seef Properties achieved notable milestones in the sectors it invests in. In July 2023, it opened Al Liwan Cinema, followed by the inauguration of Hawa in January. Additionally, the launch of Fraser Suites Al Liwan this year is expected to make a significant contribution to the company’s bottom line. This strategic focus on the entertainment and hospitality sectors not only broadens the company’s portfolio but also elevates the experience for customers.

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